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← Canceling government bonds held by a central bank creates no fiscal…
17 connected korrents · 12 moments from 5 Sept 2010 to 19 Sept 2026. Nearly all of them are about interest rates and government .
Everything filed under public debt
public debt
Everything filed under quantitative easing
quantitative easing
Everything filed under inflation
inflation
Everything filed under fiscal policy
fiscal policy Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. — tap to centre the map on it A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. Last stated 2 months ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. — tap to centre the map on it A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. — tap to centre the map on it Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Federal Reserve Board members have historically often resigned before completing their full terms. — tap to centre the map on it Federal Reserve Board members have historically often resigned before completing their full terms. Last stated 5 months ago
15 May 2026
JB
Josh Barro — holds since 2026-05-15 — tap for who they are
Same subject: The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities. — tap to centre the map on it The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities. Last stated 2 months ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. — tap to centre the map on it The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. Last stated 4 weeks ago
19 Sept 2026
JC
John H. Cochrane — holds since 2026-09-19 — tap for who they are
Same subject: There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate. — tap to centre the map on it There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. — tap to centre the map on it A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. Last stated a year ago
16 Jul 2025
JD
Jamie Dimon — holds since 2025-07-16 — tap for who they are
Same subject: Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. — tap to centre the map on it Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. Last stated 2 years ago
24 Sept 2024
LA
Lyn Alden — holds since 2024-09-24 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 7 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
Same subject: An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation. — tap to centre the map on it An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation. Last stated 7 months ago
11 Mar 2026
LA
Lyn Alden — holds since 2026-03-11 — tap for who they are
Same subject: Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. — tap to centre the map on it Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2022-07-25 — tap for who they are
Same subject: A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens. — tap to centre the map on it A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens. Last stated 2 years ago
20 Jan 2025
DT
Donald Trump — holds since 2025-01-20 — tap for who they are
Same subject: Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. — tap to centre the map on it Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. — tap to centre the map on it Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
At the centre
Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government.
Holds Read this korrent →
A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending.
Holds
A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases.
Holds
Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total.
Holds
Federal Reserve Board members have historically often resigned before completing their full terms.
Holds
The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities.
Holds
The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed.
Holds
There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate.
Holds
A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it.
Holds
Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals.
Holds
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds
An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation.
Holds
Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022.
Holds
A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens.
Holds
Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster.
Holds
Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them.
Holds